Anthropic is in talks to bring Nvidia as an anchor investor into what could be the largest initial public offering in history, two people familiar with the matter told Reuters.
The Claude maker is seeking to raise as much as $100 billion that could value the artificial intelligence startup at around $2 trillion. Nvidia is considering investing up to $10 billion in the IPO. The plans remain under discussion and could change.
Anchor investors are typically institutional investors that commit to buy a set portion of an IPO before it is marketed more broadly, providing an early vote of confidence. Chip designer Arm's anchor investors included Nvidia and Amazon, while Saudi Arabia's PIF was among SpaceX's anchor investors.
The deepened relationship highlights the complex ties between AI model developers and the companies supplying the enormous amounts of computing power they require. Anthropic relies heavily on Nvidia GPUs, while also seeking to diversify its chip suppliers as demand for Claude has strained its available computing capacity.
In November 2025, Nvidia said it would invest up to $10 billion in the AI startup as part of a broader partnership under which Anthropic committed to buy $30 billion of Microsoft Azure computing capacity powered by Nvidia chips.
Anthropic already counts the biggest tech companies in the world as backers, including Amazon and Google. In April, Anthropic said it would commit more than $100 billion over a decade to Amazon's AWS, while using more than 1 million of Amazon's Trainium2 chips. It has also agreed with Google and Broadcom to add multiple gigawatts of TPU capacity.
The company has been trying to access more compute as its revenue surged. Its annualized revenue run rate climbed above $65 billion by the end of July, from about $9 billion at the end of 2025. The potential valuation also hinges on company projections of roughly $190 billion to $200 billion in revenue in 2028.
The expected Anthropic IPO adds to a string of blockbuster listings that has propelled the US IPO market toward a record year, following Elon Musk's SpaceX debut in June. US IPOs, excluding special-purpose acquisition companies, have raised a record $137 billion through the end of August, according to Dealogic.
